A nationwide resource tax to be rolled out in China beginning Nov. 1 is expected to cost PetroChina (PTR), Cnooc (CEO), and Sinopec (SNP) about $7B - nearly 12% of its profits - over the next year. Foreign firms like Shell (RDS.A), Conoco (COP), and BP will be affected as the resource tax will replace the current royalty-based system.
A nationwide resource tax to be rolled out in China beginning Nov. 1 is expected to cost...
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